Immediate suspension of Presidential dollar coin production was announced this morning by Deputy Secretary of the Treasury Neal Wolin at a Campaign to Cut Waste news conference call in Washington, D.C.

He joined Health and Human Serives Secretary Kathleen Sebelius and Deputy Attorney General James Cole to host a conference call to announce various things the Obama Administration can do to cut government waste.

Collector Presidential dollar coins will continue to be produced to complete the series at prices that make sure there is no cost to taxpayers going forward.

Wolin said annual savings would total $50 million. Currently the Federal Reserve System has 1.4 billion Presidential dollar coins in storage, a number that will take 10 years to draw down at current rates of use.